This piece was half submerged for 24 hours and you can compare the results, there was still a little rust in the pitted bits but a top up with more warm water to activate the crystals that had collected in the bottom of the pot and another dip and these should be gone.
There was a yellow residue on the parts when removed that I washed off with the garden hose, then dried quickly to stop any flash rust. These were only test pieces so on a proper job I'd remove all the paint first.
The work college that let me into this little secret said the good thing about this is it will only react with the oxidized rust and not eat into the steel so parts can be left in the pot with out disappearing.
See videos below.